The company repaid the loan after 1 year with a single, Financial Management

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The company repaid the loan after 1 year with a single

RKI Instruments borrowed $3, 500,000 from a private equity firm for expansion of its manufacturing facility for making carbon monoxide monitors/controllers. The company repaid the loan after 1 year with a single payment of $3, 885,000. What was the interest rate on the loan?

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